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Posted On: 30/07/2012
The Turkish property market continues to go from strength to strength to strength. The latest release of the GYODER/Reidin index shows house prices in the country grew 12.57% on the year in June, following a 12.16% year on year growth in May and 11.93% in April. This shows an acceleration of growth, which is a pronounced change in trend from the previous six months when year on year growth averaged about 10%.
Economic growth is expected to slow this year compared to last, but the economy is still growing and so is tourism and the population, all of which continues to support growing demand for property to rent and buy, hence the escalating growth in property prices.
In the last UN Wortd Tourism Organisation charts, Turkey was the only country to improve its position, climbing to 6th on the chart with 29.7 million visitors in 2011. Tourism continues to grow, according to the tourism ministry visitor numbers were up 2.7% year on year in June.
This combination of economic growth supporting the residential rental market and tourism growth supporting the holiday rental market, means that there is something for everyone in the Turkish property market. On top of that, despite the continued steady price growth, Turkish property is still among the cheapest in Europe and the world, which makes it arguably very undervalued indeed.
Whether you believe all the hype and whether or not you think that Turkey property is right for you, surely one must agree that Turkish property is at least worth giving some serious attention to.
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